The board of directors of Tidewater Inc. has authorized the company to spend up to $200 million repurchasing shares of its common stock. The company could use its available cash and borrowings under its revolving credit facility to fund any repurchases.

The repurchase program will end when the $200 million has been spent or on June 30, 2010, whichever is earlier. The board of directors will also have the option of extending the repurchase program beyond next June.

The company's last four repurchase programs, which began in August 2005 and concluded on June 30, 2009, have resulted in the repurchase of 9.5 million shares at a total cost of $516.2 million.

Tidewater, which is based in New Orleans, owns more than 400 vessels that serve the global offshore energy industry.